Minnesota § 458.36 - BONDS FOR QUARRIES AND DOCKS
Full text of Minnesota Minnesota Statutes § 458.36 — BONDS FOR QUARRIES AND DOCKS, with citation guidance and answers to common questions.
§ 458.36. BONDS FOR QUARRIES AND DOCKS
Subdivision 1.Power; details.
The council of a city of the first class, for a purpose in sections 458.36 to 458.40, may issue from time to time as needed negotiable bonds of the city to a total amount of not more than $500,000. The council shall decide what denominations, place, and time of payment are best for the bonds. The bonds must be paid within ten years of their issue date. The bonds must be serial in form. One-tenth must be retired each year after issue. They must bear interest of not more than six percent per year payable semiannually, with interest coupons attached, payable at the place named on them. The city council may also negotiate and sell the bonds from time to time to the highest bidder on the best terms that can be obtained for the bonds.
Subd. 2.Par.
The bonds must not be sold for less than their par value plus accrued interest on them.
Subd. 3.Charter prevails.
Sections 458.36 to 458.40 do not supersede a city charter provision for a voter's referendum on ordinances passed by the council. The sections also do not supersede a city charter provision making the action of the council subject to approval of a board of estimate and taxation or fixing a particular method to authorize bonds.
History:
(1600-1) 1925 c 64 s 1; 1985 c 265 art 8 s 1
Official Publication of the State of Minnesota
Revisor of Statutes
Frequently Asked Questions About Minnesota § 458.36
What does Minnesota Statutes § 458.36 cover?
Section 458.36 ("BONDS FOR QUARRIES AND DOCKS") is part of the Minnesota Statutes, the codified statutory law of Minnesota. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Minnesota § 458.36?
A common citation format is "Minnesota Statutes § 458.36" (Minnesota). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Minnesota law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Minnesota official source linked on this page or consult a licensed Minnesota attorney.
How does Minnesota § 458.36 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Minnesota can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Minnesota.